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Jauanry 25, 2008
Vancouver, BC - Los Andes Copper
Ltd. ("Los Andes", or the
"Company", TSX Venture Exchange: LA) announces an agreement in
principle to acquire 250 litres per second of consumptive water rights on
the Aconcagua River from Inversiones Y Asesorias El Sauce Sociedad Anonima.
Los Andes will pay
Inversiones Y Asesorias El Sauce Sociedad Anonima a total price of
US$4,250,000 for the water right, which is an entitlement to permanent,
continuous, consumptive use of 250 litres per second of flow from the
Aconcagua River. The terms of the payment are:
50% on execution of a
purchase agreement,
25% by the first anniversary of the agreement
25% by the second anniversary of the agreement.
Roger Moss, President
and CEO of Los Andes Copper commented as follows: "We are very pleased
with the agreement in principle to acquire this substantial water right. While
the amount of water required for the project has not yet been determined,
this purchase represents a major step toward securing the necessary water
for potential mining operations at Vizcachitas and demonstrates the
company's ability to secure on a competitive basis the water needs for such
operations."
The transaction is
subject to the approval of the TSX Venture Exchange.
Drilling Update
Approximately 6,100 metres have been drilled in the second phase
drilling program which continues to expand the area of known mineralization
to the west and southwest. The higher grade zone of mineralization (e.g. 92
metres grading 0.70% Cu and 0.023% Mo including 0.88% Cu and 0.021% Mo over
38 metres in Hole LAV-89) that was discovered in the phase one program now
extends over 300 metres in a northeast-southwest direction and remains open
to the southwest (see news release dated December 17th, 2007). Los Andes
expects to complete the remaining 9,000 metres of the second phase program
by May, after which an updated resource estimate will be made. Roger Moss,
Ph.D., P.Geo, President of Los Andes, is the qualified person as defined by
National Instrument 43-101 for the Vizcachitas Project and prepared this
news release.
About Vizcachitas
The Vizcachitas Project offers potential for a low strip, open pit
operation in an area of low elevation with excellent infrastructure,
including water and power in central Chile. The Vizcachitas deposit occurs
in the same metallogenic belt as the large copper-molybdenum porphyries Rio
Blanco-Los Bronces, Los Pelambres-El Pachon and El Teniente. Based on 68
drill holes previously completed by General Minerals Corporation and Placer
Dome, the project contains an indicated resource of 232 million tonnes
grading 0.46% copper and 0.014% molybdenum and an inferred resource of 619
million tonnes grading 0.38% copper and 0.013% molybdenum at a 0.30% copper
cutoff. At a 0.4% cutoff, indicated resources total 144 million tonnes
grading 0.52% copper and 0.015% molybdenum and inferred resources total 211
million tonnes grading 0.46% copper and 0.016% molybdenum as detailed in
the NI43-101 compliant technical report of A.C.A. Howe International
Limited dated
February 7, 2007. The technical report, as well as additional information
about the Vizcachitas Project is available on our website at www.losandescopper.com ..
For more information please contact:
Michael Kuta, Corporate Secretary
Tel: 604-697-6201 or
Roger Moss,
President
Tel: 416-516-6050
E-Mail: info@losandescopper.com
Or visit our website at: www.losandescopper.com
This document contains certain forward looking statements which
involve known and unknown risks, delays and uncertainties not under the
Company's control which may cause actual results, performance or
achievements of the Company to be materially different from the results,
performance or expectation implied by these forward looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the
adequacy or accuracy of this release.
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